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Macy’s and Tishman Speyer Plan Major Redevelopment in Downtown Brooklyn

Business WireAugust 12, 2015

Macy’s, Inc. (NYSE:M) and Tishman Speyer today announced they have signed a real estate purchase and sale agreement that will enable a re-creation of Macy’s Brooklyn store and further enliven one of New York City’s most dynamic, transit-rich neighborhoods.

Under the agreement, Macy’s will continue to own and operate the first four floors and lower level of its existing nine-story Fulton Street retail store, which will be reconfigured and remodeled. Tishman Speyer will purchase the portion of the site that Macy’s will not retain, which it will develop into approximately ten floors of distinct, first-class office space with appeal to a wide range of diverse companies. In addition, Tishman Speyer has agreed to purchase Macy’s Hoyt Street parking facility, which could be used for a future mixed-use development.